Econ Minister discusses with Chinese banks to expand commerce

Minister of Economic Development met with two Chinese banks on Thursday, to discuss strengthening economic cooperation between the Maldives and China -- Photo/ Mohamed Saeed/X

Minister of Economic Development and Trade Mohamed Saeed has discussed with Chinese banks seeking avenues for trade and economic growth for the Maldives.

The minister is currently in China, to attend the 15th World Economic Forum, held at the Dalian Congress Hall, in Dalian Province.

In the sidelines of the forum, the minister visited various Chinese banks to meet its senior officials, and discussed on ways to form strategic alliance to help boost the country's economic growth.

He met with the senior officials of the China Industrial and Commercial Bank (ICBC) on Thursday, to discuss strategies for further engagement, and later met with the senior officials of the Bank of China to explore ways in strengthening cooperation between the two countries.

Minister Saeed confirmed of his meetings on X on Thursday.

In both his meetings, the minister reflected on the discussions for improved trade relations between the Maldives President Dr. Mohamed Muizzu and Chinese President Xi Jinping, during the former's official state visit to China earlier on January 06th.

Besides this, the minister on Wednesday met with the Chinese Minister of Commerce Wang Wentao, for discussions related to the free trade agreement (FTA) between the Maldives and China.

The chief of this discussion was on establishing a currency settlement system between the two countries, to enhance trade and commerce ties.

It is a key priority of Dr. Muizzu's administration to seek such currency settlement agreements with bigger economic allies and frequent trade collaborators, to enhance trade convenience.

Meanwhile, Saeed said the governments of both China and India have confirmed to facilitate transactions in their currencies for the goods imported to the Maldives from these countries.